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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2024
May 31, 2023
Nov. 30, 2023
Cash flows from operating activities:        
Net earnings (including net earnings attributable to noncontrolling interests) $ 960,586 $ 1,680,507 $ 1,477,050  
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization   55,746 44,039  
Amortization of discount/premium and accretion on debt, net   336 (1,691)  
Equity in loss from unconsolidated entities   34,854 80,942  
Distributions of earnings from unconsolidated entities   20,894 16,657  
Share-based compensation expense   122,186 126,731  
Deferred income tax expense (benefit)   36,848 (131,520)  
Gains on redemption/repurchases of senior notes   (825) (724)  
Loans held-for-sale unrealized losses   28,865 23,563  
Lennar Other unrealized (gains) losses from technology investments and other (gains) losses   6,515 1,000  
Gains on sale of other assets   (13,585) (3,726)  
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets   26,526 85,117  
Changes in assets and liabilities:        
Decrease in receivables   30,956 435,880  
(Increase) decrease in inventories, excluding valuation adjustments   (631,180) 89,098  
Increase In Deposits And Pre-acquisition Costs On Real Estate   (755,232) (78,357)  
Decrease (increase) in other assets   11,393 (111,955)  
Decrease in loans held-for-sale   335,788 577,891  
Decrease in accounts payable and other liabilities   (380,966) (991,319)  
Net cash provided by operating activities   609,626 1,638,676  
Cash flows from investing activities:        
Net additions of operating properties and equipment   (111,733) (31,268)  
Proceeds from the sale of other assets   18,709 7,762  
Investments in and contributions to unconsolidated entities   (247,785) (108,306)  
Distributions of capital from unconsolidated entities   61,807 46,499  
Decrease in Financial Services loans held-for-investment   2,960 8,882  
Purchases of investment securities   (2,063) (7,000)  
Proceeds from maturities/sales of investment securities   3,321 2,859  
Net cash used in investing activities   (274,784) (80,572)  
Cash flows from financing activities:        
Net repayments under warehouse facilities   (753,703) (978,053)  
Redemption/repurchases of senior notes   (553,865) (157,764)  
Principal payments on notes payable and other borrowings   (40,672) (34,515)  
Proceeds from liabilities related to consolidated inventory not owned   105,635 186,889  
Proceeds from other borrowings   6,231 0  
Payments related to liabilities related to consolidated inventory not owned   (250,232) (372,687)  
Payments related to other liabilities, net   (2,842) (2,621)  
Receipts related to noncontrolling interests   14,722 4,918  
Payments related to noncontrolling interests   (26,646) (20,623)  
Common stock:        
Repurchases   (1,204,706) (465,297)  
Dividends   (278,318) (218,277)  
Net cash used in financing activities   (2,984,396) (2,058,030)  
Net decrease in cash and cash equivalents and restricted cash   (2,649,554) (499,926)  
Cash and cash equivalents and restricted cash at beginning of period   6,570,938 4,815,770  
Cash and cash equivalents and restricted cash at end of period 3,921,384 3,921,384 4,315,844  
Total cash and cash equivalents and restricted cash 3,921,384 3,921,384 4,315,844 $ 6,570,938
Operating Segments        
Common stock:        
Cash and cash equivalents and restricted cash at end of period 3,921,384 3,921,384 4,315,844  
Cash and cash equivalents 3,872,016 3,872,016   6,474,497
Restricted cash 49,368 49,368   96,441
Total cash and cash equivalents and restricted cash 3,921,384 3,921,384 4,315,844  
Homebuilding        
Common stock:        
Cash and cash equivalents [1] 3,597,493 3,597,493   6,273,724
Restricted cash [1] 11,572 11,572   13,481
Homebuilding | Operating Segments        
Common stock:        
Cash and cash equivalents 3,597,493 3,597,493 4,004,679 6,273,724
Restricted cash 11,572 11,572 19,000 13,481
Lennar Financial Services | Operating Segments        
Common stock:        
Cash and cash equivalents 245,784 245,784 259,738 159,491
Restricted cash 37,796 37,796 9,113 82,960
Multifamily | Operating Segments        
Common stock:        
Cash and cash equivalents 11,555 11,555 18,539 39,334
Restricted cash 0 0   0
Lennar Other | Operating Segments        
Common stock:        
Cash and cash equivalents 17,184 17,184 4,775 1,948
Restricted cash $ 0 0   $ 0
Lennar Homebuilding and Lennar Multifamily | Operating Segments        
Homebuilding:        
Purchases of inventories and other assets financed by sellers   $ 9,245 $ 0  
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets.
As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.